It’s the money supply, stupid

How the Keynsian blinkers of Democrat economists led to a second Trump victory

WHY DID KAMALA Harris lose the US Presidential election? Undoubtedly, a key negative influence on her campaign was inflation. In 2022 consumer prices did not rise at a double-digit annual rate, but the peak number of above 9 per cent was not far off that ignominious threshold. The Biden presidency saw the highest American inflation for over 30 years, and the Democrats and Harris were blamed for it. But the argument here will be that the blame lies elsewhere, that Harris’s elite economist supporters in the Democratic Party, many at top Ivy League departments, have done a thoroughly bad job in analysing the inflation episode. They have let her down. The failure has been largely due to their Keynesian ideological blinkers. When Covid-19 hit in early 2020, the Fed and…

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The Critic (Digital) - 1 Issue, December/January 2025

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